Discussion
What does P stands for in CCP with respect to Cheques?
Answer: C
Correct answer: Policy
CCP here is the Cheque Collection Policy, which every bank must formulate and disclose under Reserve Bank instructions.
It states the timeframes within which local and outstation cheques will be credited, the interest payable to the customer if collection is delayed beyond them, and the bank's liability where an instrument is lost in transit. The purpose is to make the bank's obligations explicit and enforceable rather than discretionary. The same three letters mean central counterparty in market infrastructure, a quite different concept.
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